Blood Banking Equipment Market is expected to reach US$ 23.4 Billion by 2032
According to Future Market Insights, the global blood banking equipment market held a valuation of about US$ 14.8 Billion in 2022. As per the study, sales are expected to increase at a CAGR of 4.7% during the forecast period (2022 to 2032), surpassing US$ 23.4 Billion in 2032.
The rising number of surgical procedures and accidents has created a growing need for blood components, posing a significant concern for blood banks and hospitals worldwide. In the UK, there has been a consistent increase in the number of surgeries performed, with about 70,000 A&E cases registered in the country in 2019, indicating a potential surge in demand for blood banking equipment and products.
Increasing awareness about blood donation has become a top priority for blood transfusion centers, and governments around the world are offering various attractive reimbursement opportunities to encourage volunteer donors to donate blood.
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The AABB advocates for comprehensive insurance coverage and offers attractive reimbursement options to improve patient access to blood products, transfusion services, and cellular therapies. The implementation of such policies by developing economies can significantly boost the growth of the blood banking equipment market in the coming years.
The expansion of the blood banking equipment market is heavily dependent on the automation of blood bank centers, the growing popularity of mobile blood drives and camps, government support and initiatives, and an increasing number of blood donors.
- Blood collection products are predicted to account for 35.8% of the market in 2022, with a CAGR of 4.8% during the forecast period.
- In 2021, hospitals will command a 53.3% share of the blood banking equipment market.
- North America is expected to be the largest leading region at the conclusion of the projection period, with a value share of 26.2%.
- During the evaluation period, India is likely to lead the growth in the South Asian blood banking equipment market.
“Rising prevalence of chronic blood-related disorders, along with increasing trend of blood donation drives will fuel the blood banking equipment market over the forecast period,” says an analyst of Future Market Insights.
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- Hamilton Syringes & Needles
- Hi-Tech Medicare Devices
- Abbott Laboratories
- Beckman Coulter, Inc.
- Becton, Dickinson and Company
- bioMérieux SA
- Bio-Rad Laboratories, Inc.
- Cerus Corporation
- CSL Behring LLC
- Fresenius Kabi AG
Acquisitions, partnerships, recognition and product launches are the key strategies adopted by manufacturers and integrators to increase the consumer base in different geographies.
- Blood Collection: BD acquired Velano Vascular in July 2021 with the goal of adding breakthrough needle-free blood draw technology to alleviate the pain and discomfort of multiple needlesticks.
- Blood Processing: The novel plasma collection system developed by Terumo Blood and Cell Technologies received FDA approval in March 2022. Rika is a next-generation automated system that focuses on plasma centre personnel and donors’ experiences. It has safety features to reduce operator mistakes and harvests plasma in under 35 minutes.
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The North American region is the largest blood collection devices market due to the presence of a well-established healthcare infrastructure and a high demand for advanced medical devices.
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Key Market Segments Covered in Blood Banking Equipment Industry Research
- Blood Collection
- Blood Collection Sets
- Blood Bag Tube Sealer
- Blood Collection Mixer
- Blood Bags
- Blood Processing
- Blood Filters
- Blood Bank Analysers
- Blood Warmers
- Plasma Thawing Baths
- Blood Storage
- Blood Bank Refrigerators
- Blood Bank Freezers
- Test Tube Racks
By End User:
- Blood Banks
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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